A lease accounting solution can help minimize workflow in several ways:
- Automated data entry: A lease accounting solution can automate data entry by importing data directly from lease contracts, eliminating the need for manual data entry and reducing the potential for errors.
- Centralized lease management: With a lease accounting solution, all lease information can be stored in a centralized database, making it easy to access and update information as needed. This can save time and reduce the risk of errors caused by working with disparate data sources.
- Streamlined lease accounting processes: Lease accounting solutions can help streamline processes such as lease classification, measurement, and recognition, making it easier to comply with lease accounting standards such as ASC 842 or IFRS 16. This can save time and reduce the risk of errors in lease accounting calculations.
- Automatic lease payments tracking: Lease accounting solutions can also automate lease payment tracking, ensuring that payments are made on time and avoiding late fees or penalties.
- Improved reporting capabilities: A lease accounting solution can provide real-time reporting and analytics, giving stakeholders a clear understanding of lease obligations and financial impacts. This can save time and reduce the risk of errors in manual reporting.
By using a lease accounting solution, like iLeasePro, you can streamline lease management and accounting processes, reducing the risk of errors and improving overall efficiency. This can save time and resources, allowing your organization to focus on other strategic initiatives.
You can take a video tour of iLeasePro or schedule some time on our online demo calendar to see how iLeasePro can help you and your firm with the overall lease management of your lease portfolio. For more information on increasing productivity and efficiency of your lease portfolio, check out our blog and our extensive lease accounting and lease management knowledge base.